Projective expected utility

DOI10.1016/J.JMP.2009.02.001MaRDI QIDQ1044199zbMATH OpenOpenAlexFDO

Authors Pierfrancesco La Mura

Publication date 11 December 2009

Published in Journal of Mathematical Psychology (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/0802.3300

zbMATH Keywords

allaisellsbergexpected utilityparadoxesprojectivequantum

Mathematics Subject Classification ID

Quantum coherence, entanglement, quantum correlations (81P40) Decision theory (91B06)

Abstract: Motivated by several classic decision-theoretic paradoxes, and by analogies with the paradoxes which in physics motivated the development of quantum mechanics, we introduce a projective generalization of expected utility along the lines of the quantum-mechanical generalization of probability theory. The resulting decision theory accommodates the dominant paradoxes, while retaining significant simplicity and tractability. In particular, every finite game within this larger class of preferences still has an equilibrium.

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Cites work

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Cited in

(16)

• Application of quantum master equation for long-term prognosis of asset-prices
• Probability interference in expected utility theory
• Testing ambiguity and Machina preferences within a quantum-theoretic framework for decision-making
• Quantum-like influence diagrams for decision-making
• Representing attitudes towards ambiguity in Hilbert space: foundations and applications
• The Ellsberg paradox: a challenge to quantum decision theory?
• From ambiguity aversion to a generalized expected utility. Modeling preferences in a quantum probabilistic framework
• Game Theory without Decision-Theoretic Paradoxes
• The dynamics of decision making when probabilities are vaguely specified
• Contextual mechanism design
• Quantum cognition and bounded rationality
• Introducing Quantum-Like Influence Diagrams for Violations of the Sure Thing Principle
• Optimal correction for guessing in multiple-choice tests
• A proposal to extend expected utility in a quantum probabilistic framework
• A perspective on quantum Fintech
• Preferences in quantum games

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